VAALCO Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Debt

Debt

3 Months Ended

Mar. 31, 2019

9. DEBT

On May 22, 2018, we terminated our amended term loan agreement (“Amended Term Loan Agreement”) we had with the International Finance Corporation (“IFC”) by prepaying the outstanding principal and accrued interest. We did not incur any termination or prepayment penalties as a result of the termination of the Amended Term Loan Agreement.

Interest

The table below shows the components of the “Interest income (expense), net” line item of our condensed consolidated statements of operations and the average effective interest rate, excluding commitment fees, on our borrowings:


	Three Months Ended March 31,
	2019			2018
	(in thousands)
Interest expense related to debt, including commitment fees	$	—		$	(173)
Deferred finance cost amortization		—			(60)
Interest income		187			9
Other interest expense not related to debt		—			(130)
Interest income (expense), net	$	187		$	(354)

Average effective interest rate, excluding commitment fees		0.00%	(1)		7.61%

(1)

There were no outstanding borrowings during 2019